News
Dollar Rises as Geopolitical Tensions Mount; Oil Prices Climb Amid Middle East Concerns
The U.S. dollar strengthened and oil prices rose amid escalating geopolitical tensions and uncertainties around interest rate strategies between the U.S. and Europe. On Wall Street, major indices fell, influenced by disappointing earnings from leading banks as the first-quarter earnings season began. Additionally, global stock markets were affected, with the MSCI's global index dropping 1.23%. Concerns about potential retaliation from Iran following an airstrike on its embassy in Damascus, which it attributed to Israel, also weighed heavily on market sentiments.
SILVER ALERT: Could This Mexican Law Change Cause a Supply Crunch?
In this enlightening video, join our host Mike Maloney and esteemed guest Lobo Tiggre from Independent Speculator.com
Silver Hits Three-Year Peak, Gold at Record High
Silver prices have recently surged, overtaking the gains made by gold this year, with the metal reaching its highest price in nearly three years. Despite a general downturn in both metals during part of Thursday's trading session, silver’s recovered nicely on Friday peaking at $29.50/oz. Gold also saw significant gains, with futures climbing by to a record high of $2,417 an ounce on Comex, marking a 14.5% increase year to date. This upward trend in precious metals comes despite the pressures of rising Treasury yields and a strong U.S. dollar, which have traditionally acted as obstacles to such gains.
Gold and Silver Surge as Investors Eye Iran-Israel Tensions
Gold has recently reached a new all-time high, surpassing the $2,400 mark, influenced by ongoing geopolitical tensions and the anticipation of U.S. interest rate cuts. On Friday, gold futures for June delivery climbed 1.7%, reaching $2,414 per ounce, closely following a record close at $2,372.70 on Thursday. This marks a significant year-to-date increase of over 14%. Concurrently, silver also saw a notable rise, increasing by 3.3% to $29.18 an ounce. The upward trend in precious metals, which began in early March, is largely driven by market reactions to potential threats of conflict between Iran and Israel, as well as mixed economic data from the U.S. that could influence Federal Reserve policies.
Rise in Hong Kong Jewelry Market, Exports Up 6% in Early 2024
In the first two months of 2024, Hong Kong experienced a modest increase in jewelry exports and retail sales, signaling a steady recovery in business and consumer sentiment. According to the Census and Statistics Department, jewelry shipments rose by 6% year-over-year to approximately US$4.4 billion. Retail sales of jewelry, watches, clocks, and valuable gifts also increased by 8.8% to around US$1.3 billion during the same period, despite a slight dip in February's sales. This growth is attributed to improved exports to China and the US, enhanced household incomes, and government efforts to boost consumer spending, although changing consumption patterns continue to challenge the sector.